finding a business partner

[Spudded]

Hi all,

I'm new to this forum and I wanted to use it to get some advice from it's members.

I own a limited company that has been trading for 2 years and recently set up a 2nd business with a friend in an entirely seperate area. It was due to go live and start trading at the end of March. We have done most of the prep work and research and I am sure it's financially viable and will be profitable.

Due to a promotion within her "normal" job my friend is no longer allowed to be a director or shareholder and will happily pass total ownership and control over to me. I know I want to go ahead with the new company, however my 1st business has taught me I don't want to do it alone again.

I would like to find somebody who will help drive the company forward and bring ideas to the table.

I find running my 1st company on my own is a very lonely place even in the good times. I'm looking for somebody who will share my passion, and take on a pre-agreed work load. Mostly I am looking for business exquivilent of a companion.

Any suggestions of how to find a business partner and what I can ask/expect of them is greatly appreciated.

Thanks

Spudded

 

[Spearmint]

You failed to mention what type of business it is, so more information would be useful. The location would be useful as well.

 

[megamuel]

Yeah what kind of business and how much money are you looking for?

Sam.

 

[GraemeL]

I find running my 1st company on my own is a very lonely place even in the good times. I'm looking for somebody who will share my passion, and take on a pre-agreed work load. Mostly I am looking for business exquivilent of a companion.

Any suggestions of how to find a business partner and what I can ask/expect of them is greatly appreciated.

Hello Spudded,

are you sure you want a business partner? Your post reads almost like you need someone to share ideas, support, encourage and so on. More like a mentor.

I say this because going into business with anyone else is high risk.

G

 

[Spudded]

Hi, I agree it does sound like I need a mentor, however I'm looking for somebody who has more of an interest than a mentor would.

I want them to have a specific workload and responsibilities.

My company is involved in retailing sterling silver jewellery.

 

[Josh_Farmer]

You also havn't stated what your looking for monetary wise or the % share your giving up?

 

[Spudded]

This was where I need some suggestions and guidance. I don't really know what I can ask for/offer to a potential business partner.

I don't have a set figure which I need invested into the business.

 

[Josh_Farmer]

Been truthfully honest your going to need to get some figures, for example are you going to need £2k for inventory and give the investor/partner 50% or are you going to need 10k for development and give the partner 20%. It will range drastically on the project. Or do you already have all the finance in place and are looking for someone to share the workload and help with guidance?

 

[Spudded]

I think I would rather just have the support and shared workload.

Do you think a mentor would suffice?

 

[Josh_Farmer]

Mentors won't usually share your workload.

What stage in the business are you?

 

[Chris Ashdown]

Why not just advertise for a retail manager with experience and take it from there, If they prove themselves to you and your happy after a year or more you could offer a directorship or let them but some shares in your company

It's much better to hire someone for a year and if it does not work out get rid of them than find the perfect partner on the first date

Dont go giving away your shares which could be very valuable in ten years of more down the line

 

[Scoombs]

I agree with Chris, if the business can support an employee then that would be the 1st choice, maybe even on a part time basis.

Or they should bring something very valuable to the business, either in existing contacts, great exerience, skills that you lack or pure cash and then that could be exchanged for some kind of commitment from you.

You have gone through the pain and the dull bits in your other business, you have a great opportunity to do it a little different in this new one and/or get help in specifically for the dull elements as and when that help is needed.
Bouncing ideas around, a mentor sounds like just the person.

 

[accounting-help]

If you are going to get a business partner you should have a written agreement on what each partner is going to contribute and the percentage split etc.

 

[megamuel]

So you are due to go live at the end of the month so I guess you are not making any profit yet. How much money have you invested in the business already? Will you be selling the jewellery online? Do you have a shop? Both? What sort of help and investment would you be looking for and how could you make that worthwhile for somebody? It's all a bit vague at the moment.

Sam

 

[Spudded]

Mentors won't usually share your workload.

What stage in the business are you?

This is why I thought a business partner was better. Hummm it seems a a tad complicated.

I've done most of the research and ready to begin trading later this month.

 

[Josh_Farmer]

What type of workload are you sharing? What's your pry? jected t/o

 

[cafelife]

Hi all,
I'm new to this and I'm also looking for a business partner for my café.

As i'm not in the business in the weekdays, I have to reply on my staff to run it and it's not going well!
I need a working partner who would put in some investments in return for a share of the profit when we make some...
I am in a difficult position where I have two staff at the moment, but I need someone who is committed and want the business to suceed as I do, hence the partnership.

Where do I go about finding such partner?